SQ-30%. Use the following industry average ratios to construct a pro forma balance sheet for the V. M. Willt Co. Total asset turnover 2.5 times Average collection period (assume a 365-day year) 10 days Fixed asset turnover 6 times Inventory turnover (based on cost of goods sold) 4 times Current ratio 3 times Sales (all on credit) $5 million Cost of goods sold 80% of sales Debt ratio 60% Cash Accounts receivables Inventories- Net fixed assets $ Current liabilities Long-term debt Common stock plus retained earnings $ PRO FORMA BALANCE SHEET CONSTRUCTION Willet DATA Total asset turnover Average collection period Fixed asset turnover Inventory turnover Current ratio Sales COGS Debt ratio Cash Accts receivable Inventories Net fixed assets Total assets Current liabilities Long-term debt Common equity Total liabilities